Common-Size Income Statement
Quarterly Data
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General Motors Co. pages available for free this week:
- Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Return on Assets (ROA) since 2010
- Total Asset Turnover since 2010
- Analysis of Revenues
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General Motors Co., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Automotive and Other Cost of Sales
- This metric shows a fluctuating pattern around a generally high cost level, ranging mostly between -86% and -93% of automotive net sales and revenue. Notable cost spikes occurred in the quarters ending June and December 2023, peaking at -93.25% and -90.48%, respectively, indicating periods of higher production or operational expenses.
- Automotive and Other Gross Margin
- The gross margin percentage exhibits significant volatility, swinging from a low of -0.61% in June 2020 to highs exceeding 15% in September 2020. After the initial variability, the margin stabilizes mostly in the 10%–13% range, although there is a notable dip to 6.75% at the end of 2023, signaling pressure on profitability during that period.
- GM Financial Net Sales and Revenue
- This item displays peaks and troughs, starting at 12.21% in Q1 2020, spiking as high as 25.56% in Q2 2020, then tapering to lower single-digit percentages by late 2022 and maintaining a range close to 8%–10% thereafter. This suggests episodic fluctuations in the financial services segment relative to automotive net sales.
- GM Financial Interest, Operating, and Other Expenses
- These expenses generally track GM Financial net sales with some volatility. The expenses peaked at -24.23% in Q2 2020, possibly reflecting an extraordinary cost event during that quarter, before settling between approximately -6% and -9% in subsequent periods, indicating relatively stable operating costs proportional to the segment's net sales.
- Automotive and Other Selling, General, and Administrative Expense
- This expense category shows a downward trend from relatively volatile levels in 2020, fluctuating between -4.98% and -9.8% of automotive net revenue. The most recent quarters indicate somewhat lower expense ratios, reflecting potential improvements in administrative efficiencies or cost control measures.
- Operating Income
- Operating income as a percentage of automotive net sales reveals substantial volatility, including a negative performance of -9.08% in June 2020. After recovering, it mostly ranges between 5% and 13% through 2022 and 2023, with dips observed at the start and end of 2023. This pattern indicates periodic operational challenges but an overall resilient operating profitability trend.
- Automotive Interest Expense
- Interest expense relative to sales steadily decreases over time, starting at -0.66% in early 2020 and dropping to as low as -0.38% in Q1 2025. The gradual reduction suggests effective management of interest costs or debt refinancing efforts.
- Interest Income and Other Non-Operating Income, Net
- This metric shows variability without a clear trend, peaking at 3.42% in Q3 2021 and falling to minimal levels or near zero in late 2022. The fluctuating nature indicates reliance on non-operating factors, possibly market-driven interest income components.
- Equity Income (Loss)
- Equity income fluctuates between positive and negative values, with occasional negative spikes, such as -10.01% in Q4 2024. This volatility suggests inconsistent performance or valuation changes from equity investments during certain quarters.
- Income Before Income Taxes
- Income before taxes generally mirrors operating income trends, with notable lows including -6.68% in Q2 2020 and -5.86% in Q1 2025. Positive peaks exceeding 15% occurred in late 2020, followed by variability within approximately 7% to 10% in recent years, indicating fluctuating but overall positive pre-tax profitability.
- Income Tax Expense (Benefit)
- The income tax component shows alternating positive and negative values, reflecting fluctuations between tax expenses and benefits. The variability suggests the impact of changes in tax rates, deferred taxes, or one-time tax events across quarters.
- Net Income (Loss)
- Net income as a percentage of automotive net sales demonstrates resilience with a recovery from a low of -5.84% in Q2 2020 to generally stable positive margins ranging between 5% and 8% for much of 2021 through early 2024. Exceptions occurred in Q1 2025 when net income was notably negative at -6.59%, indicating a temporary adverse event.
- Net Income Attributable to Stockholders and Common Stockholders
- These closely aligned measures reflect similar trends to net income overall, with generally positive returns and occasional dips into negative territory, particularly during mid-2020 and early 2025. The sustained positive performance indicates consistent value generation for shareholders despite intermittent challenges.
- Cumulative Dividends on Subsidiary Preferred Stock
- Dividend payouts were small and relatively stable until a notable spike occurred at -2.9% in Q1 2022 and an unusual positive surge of 2.83% in Q1 2025. These irregularities imply occasional adjustments or special dividend transactions affecting preferred stockholders.